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Qatar Investment Authority buys shares of Wizards, Capitals, Mystics


Qatar Investment Authority is buying a minority stake in Monumental Sports and Entertainment, the parent company of the NBA's Washington Wizards, the NHL's Washington Capitals and the WNBA's Washington Mystics, according to a person with knowledge of the sale.

The person spoke to The Associated Press on condition of anonymity Thursday because the deal had not been announced.

The Qatari government is believed to be investing in US professional sports for the first time. Sportico first reported the transaction, saying it was the first time a sovereign wealth fund had bought ownership of an American team.

Qatar hosted the soccer World Cup for the first time last year, with ticket and hospitality sales helping FIFA reach record revenue levels.

Ted Leonsis is managing partner and chairman of Monumental, which lists 20 other partners on its website, including Lauryn Powell Jobs and Washington Nationals owner Mark Lerner. The company owns the Capital City Go-Go's of the NBA G League and recently acquired the media outlet known as NBC Sports Washington, now the Monumental Sports Network.

Reporting by the Associated Press.

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